Reddit co-founder Alexis Ohanian has teamed up with Solana Ventures to launch a brand new funding fund devoted to Net 3.0 and social tasks, probably setting the stage for the following wave of budding crypto startups.
Ohanian introduced Tuesday on the Breakpoint Convention in Lisbon, Portugal that his Seven Seven Six enterprise agency and Solana Ventures have allotted $100 million to Net 3.0 and “decentralized social tasks.” In an accompanying information launch, the web entrepreneur touted his enterprise agency’s experience in “figuring out and investing in early social and crypto traits,” resembling Reddit, Patreon and Coinbase, amongst others.
Raj Gokal, the chief working officer of Solana Labs, stated “Web3 turns customers and creators into homeowners and stakeholders, a change that may’t come quickly sufficient to social media.”
Centralized social media platforms resembling Fb are stated to generate a whole lot of billions of {dollars} in annual income, principally via promoting and with out rewarding content material creators for his or her contributions. Whereas efforts to “decentralize” social media have been underway since not less than 2017, no blockchain-based social mission has reached mainstream adoption. Seven Seven Six and Solana Ventures stated they’ll prioritize applied sciences and purposes that “[eliminate] worth extraction from centralized intermediaries.”
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Solana Ventures has been extremely lively on the funding entrance, having solely just lately spearheaded a $100 million fund devoted to Net 3.0 gaming, often known as GameFi. Comparable funds had been additionally launched by Sanctor Capital and Huobi Group. Over $17 billion in enterprise capital has flowed to crypto- and blockchain-focused startups to date in 2021.
